10:40 AM EST, 11/03/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $37, cut $8, reflects a 6.5x multiple of enterprise value to projected '26 EBITDA, in line with AR's historical forward average. Our DCF model also suggests that the share price is undervalued. We cut our '25 EPS estimate by $0.83 to $1.77, and '26's by $0.94 to $3.00. AR has elected to layer on more hedging of its natural gas program, reducing spot exposure in 2026 to 56% of planned production from 80% just a few months ago. We think this is a sensible move given that EIA forecasts of Henry Hub spot prices in 2026 have dropped to the $3.90/MMBtu range from prior $4.40/MMBtu range. AR remains a low-cost leader in our view, with strong break-even prices, so we think AR's ability to generate earnings power is good, barring a major collapse in spot prices. Nonetheless, such prices have shown, in the past, an ability to fluctuate considerably due to the impact of weather, and so a retreat to 2024 lows is never completely out of the question.